Commonwealth Repealed Acts
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This legislation has been repealed.
CORPORATIONS LAW
- SECT 649C
Market bidsextending the offer period
- (1)
- The bidder may extend the
offer period. The extension must be announced to the relevant securities
exchange at least 5 trading days of the exchange before the end of the offer
period. However, the announcement may be made up to the end of the offer
period if during those 5 trading days:
- (a)
- another
person lodges with ASIC a bidder's statement for a takeover bid for securities
in the bid class; or
- (b)
- another person announces a
takeover bid for securities in the bid class;
or
(c) another person makes offers under a
takeover bid for securities in the bid class;
or
- (d)
- the consideration for
offers under another takeover bid for securities in the bid class is improved.
The offer period is extended by having the extension announced to the relevant
securities exchange.
Note: Section 624 provides for an automatic extension of the
bid period in certain circumstances.
- (2)
- On the day on which the
announcement is made, the bidder must:
- (a)
- give the
target and the relevant securities exchange a notice setting out the terms of
the announcement; and
- (b)
- lodge a notice setting out
the terms of the announcement with ASIC.
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